CHAPTER 3, ANSWERS TO SHORT-ANSWER QUESTIONS, QA TEMPLATES (Answers
may vary.)
1. What icon(s) can be used to display lookup lists?
2. Describe three ways to open a lookup list.
To open the list in any lookup field, do one of the following:
3. If you want to look at a customer’s account, what window do you open? Describe the
selections.
appears.)
4. What is the customer identification for Teesdale Real Estate?
5. What is the sales discount for Teesdale Real Estate?
6. What is the default discount for customers?
7. Describe what happens when you use the Accounts Receivable subsidiary ledger.
8. When you want to print an invoice, what are the steps?
9. How do you post a sales order to the controlling account in the general ledger and the
customer subsidiary ledger?
10. If you receive payment from a customer, what window do you use?
ANALYSIS QUESTION:
With the Customers & Sales Navigation Center serving as the starting point to perform tasks
related to Accounts Receivable, list five Customers & Sales tasks.
ANSWER:
1. Chapter 3 introduces the student to the way that Sage 50 works with customers.
2. You can use the Collection Manager to see an overview of all outstanding invoices.
3. To begin Chapter 3, restore the Chapter 2.ptb back up.
4. The Quotes task allows you to enter inventory purchases.
5. The Sales/Invoicing task is used to record payments from customers.
6. The Quotes Journal lists the sales tax for the transaction, the price for each item and the amount to
be received from the customer.
[QUESTION]
7. The Sales Order task allows you to enter items ordered by a customer and track backorders.
8. Printing sales orders gives you the ability to confirm vendor orders and complete them efficiently.
9. The Receive Money window is used when you are ready to ship items to customers.
10. Some customers are offered a sales discount because they make their payments in a timely manner.
Multiple Choice
[QUESTION]
11. Bellwether Garden Supply offers incentives to credit customers to pay sales on account faster,
through the use of:
a. Purchase discounts
b. Discounts at the point of sale
c. Sales discounts
d. Net 30 day payments
e. Payments at the end of the month.
12. The customer ID for Teesdale Real Estate is:
a. TEESDALE-01
b. TEESDALE
c. Teesdale-01
d. Teesdale 01
e. Teesdale Estate
13. The price of each inventory item is stored in the:
a. Maintain Purchase Items file
b. Maintain Inventory Items file
c. Tasks; Inventory items
d. Tasks; Purchase orders
e. Maintain Vendors file.
14. When the accounts receivable subsidiary ledger is used:
a. The accounts receivable controlling account in the general ledger is increased by the amount of the
credit sale and the credit to the applicable revenue account is offset by a debit to the Customer’s
account in the Accounts Receivable ledger
b. The accounts payable controlling account in the general ledger is increased by the amount of the
credit sale and the credit to the applicable revenue account is offset by a debit to the Vendor’s account
in the schedule of accounts receivable.
c. The controlling account, accounts receivable is credited
d. The controlling account, accounts payable is debited.
e. The controlling account, cash is debited.
15. On the Navigation Bar, make the following selections to enter a sales invoice:
a. Customers & Sales Navigation Center, click on the Customers icon and select View and Edit Customers
b. Customers & Sales Navigation Center, click on the Sales Invoices icon and select Set Up Invoice
Defaults
c. Tasks; Purchases/Receive Inventory
d. Customers & Sales Navigation Center, click on the Sales Invoices icon and select New Sales Invoice
e. Inventory & Services Navigation Center, click on the Invoice icon, select View and Edit Invoices.
16. The sample company, Bellwether Garden Supply, uses which method of posting?
a. Batch posting
b. Real-time posting
c. Cash basis posting
d. Accrual basis posting
e. Just-in-time posting
17. In this method of posting, the transactions you enter are saved in a temporary holding area where
you can review them before posting to the general ledger:
a. Batch posting
b. Real-time posting
c. Cash basis posting
d. Accrual basis posting
e. Just-in-time posting
18. On the Navigation Bar, make the following selections to enter a customer payment:
a. Tasks; Payments
b. Customers & Sales Navigation Center, click on the Sales Invoices icon and select View and Edit Sales
Invoices
c. Customers & Sales Navigation Center, click on the Receive Money icon and select Receive Money from
Customer
d. Vendors and Purchases Navigation Center, click on the Write Checks icon and select New Check
e. Inventory & Service Navigation Center, click on the Write Checks icon and select View and Edit
Checks.
19. The standard sales discount for Bellwether Garden Supply is:
a. No sales discount is offered
b. 1% if paid within 15 days
c. 2% if paid within 10 days
d. 5% if paid within 15 days
e. 3% if paid within 10 days
20. Sage 50’s accounts receivable system includes:
a. Accounts payable subsidiary system
b. Controlling account in the general journal
c. Customer ledgers
d. Purchases/receive inventory window
e. System selections